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of the economy, but this is has consumption fall as a share of gdp. >> exactly. and this is not a new issue. so we can't expect that just a new bunch of people come in, that the situation will change anytime soon. there are serious structural issues why china remains investment led rather than consumption led and the it would take big and far reaching policy reform to change that. >> will we see these reforms in light of the reports coming out of china as we mentioned with eunice just a few moments ago that perhaps we're not necessarily seeing as a reformist of a leadership for the next couple of years? >> yes, we don't really know what the new leadership is. in fact, for the last ten year, hu jintao was the leader, but the previous leader was in the background and he retained a lot of influence. and now the new leader will have not just hu jintao to deal with, but also his predecessor. so two who he'll have to deal with. 20 old people who used to be on the bureau, all of which will be exercising some influence. so i think this new leadership will be rather constrained at least for the first co
ministers to say the economy may already be in recession. one step forward, two steps back. greek lawmakers approve 2013 budget, but germany warns brussels aren't likely to sign off on the next tranche of aid at their meeting today. lorenzo tells cnbc greece needs more time and he's urged europe to extend the company's debt maturities. plus president obama will get a lot of input this week from civic leaders on how to tackle the looming fiscal cliff before he sits down with house and senate leaders on friday. we're up and running for a fresh week of global business news. we'll hear from kelly fairly shortly. also on today's program, we'll be in brussels ahead of the important euro group meeting. focus there on greece and the eu budget. after the weekend, talks collapsed. and the annual world energy outlook report in an hour and plus analysis of where oil prices can be headed. and best buy gets set to join the tablet wars with it insignia flex. what can it offer to customers that the ipad, kindle 5 and surface can't. the first japanese government may be forcesed to lower its outlook for the
for the economy in what they plan to do over the next quarter, two quarters. >> it is an interesting point, and certainly one in following what andy said, ceos take a longer-term view of business cycles. one of the things that we do at the business roundtable is survey them every quarter, and resurvey them on three importance components. what did they do, they're likely head of sales, increase, decrease cost data same. are they going to employ more people, less people, the same. what did they believe their sales and capital expenditure will be. the last quarterly survey that we did which was back in september was one of the highest in terms of the level of uncertainty, the level of uncertainty was very worrisome. gerri: finally, that's my question. so many ceos have written letters, formed organizations. they have been in newspapers begging, really, for some kind of attention to the economy, to grow jobs, to reduce costs and regulation. now we find out, now we know that barack obama will be president for another four years. are they encouraged her discouraged? let's face it. a lot of ceos
funding for the pbs newshour has been provided by: ♪ ♪ moving our economy for 160 years. bnsf, the engine that connects us. and with the ongoing support of these institutions and foundations. and... this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> woodruff: for the first time in four years, president obama did not have to worry about re-election today. still, there was little time to savor tuesday's victory, in the face of a potential fiscal crisis at the end of the year. "newshour" correspondent kwame holman begins our coverage on this day after the election of 2012. >> reporter: mr. obama departed his hometown of chicago this afternoon for washington, his home for another four years. waiting for him: a still- divided congress now facing a critical lame duck session. the president made it clear in his victory speech last night that he thinks the country wants an end to gridlock. >> tonight, you voted for action, not politics as usual. ( applause ) you elected us to focus on your jobs,
.s. economy from going over the so-called fiscal cliff. in the last 24 hours, newly relie detectorred president barak obama and house speaker john boehner have both vowed that they will not let this happen. but is that even possible given today's decisive political climate? before we get into the discussion, let's first listen to what both men had to say. >> this is an opportunity for the president to lead. this is his moment. >> i'm committed to solving our fiscal challenges, but i refuse to accept any approach that isn't balanced. >> arthel: let's talk about it now. matt is the former white house political director under president george w. bush. alexis is the executive director for the american values institute. good to see both of you. >> great to be here. >> arthel: very good. so let's say that each of you is going to broker this deal. tell me the concessions you would make and what would be the deal breakers. i'm going to go with you first, matt. >> okay. so i'm in the seat of power. i guess if i'm a republican, i want to make sure that if i'm going to negotiate a deal that i've
scheduled to hit the economy for this current fiscal year taking us all the way to september of next year. as for what the president's position will be, we're still waiting for word from the president. other democrats have been discussing where they are on this, the president won reelection, they expanded their majority in the senate, and therefore voters have token, they want tax increases on wealthier americans to pay for other priorities and reduce the deficit. hearing from some republicans as well, john boehner scheduled to speak a short while from now. he says he's open to discussing. you're seeing these decisions, is not unlike what we saw before the election. talking an overall rewrite of the tax system, democrats looking for tax rate increases on families earning more than $250,000 per year. back to you. connell: fox news contributor and author of our favorite titled book. i guess we can modify it to say with what happened later today. do you think he goes to the middle or dig into the left? >> there were so many bizarre things that happened over the tuesday night election results
's second-largest economy. he'll look ahead to the coming years and talk about the challenges chinese face. the communist party congress runs for seven days, then hu and other top officials will hand power to another group of new leaders. we'll get back to the story a little later. >>> cradle of culture. economic powerhouse. many enjoy the fruits of prosperity along the path to a new china, but millions are missing out. at a time of growing public discontent, members of the communist party are choosing their new leaders. "newsline" correspondents will report from the party's national congress. don't miss our special coverage, "china: the next generation" starting thursday, november 8th at 8:00 p.m. japan time, here on "newsline." >>> china is the world's second biggest economy and party members were watching what happened in the first. ramin mellegard joins us from the business desk. we saw many americans celebrating the re-election of president obama but it seems the mood was different on wall street. >> it really was. we're seeing the reactions following the elections. investors really c
the entire size of our economy. there will be many who will say that we should confront the first of these challenges by letting the tax rates expire and pushing the sequester off to some other day. there would have disengage in the same short-term temporary policies that has helped put us into this fix. let's have more of the same. let's agree to a drive our economy off part of the fiscal cliff instead of driving it off the whole fiscal cliff and we will call it a day. that might get us out of town but it will not get us out of the problem. and it will hurt our economy. we cannot keep going on like that. we cannot keep setting the bar that low. it is time that we raise the bar. the american people did not give us a mandate to do the simple thing. they elected us to lead. they gave us a mandate to work together to do the best for our country. we know what the best thing is, an agreement that sends the signal to our economy and to the world that after years of hunting on the fiscal challenges we face, -- punting the fiscal challenges we face, 2013 is going to be different. if we wa
what i said on friday. right now, our economy is still recovering from a very deep and damaging crisis. so our top priority has to be jobs and growth. we've got to build on the progress that we've made. because this nation succeeds when we've got a growing, thriving middle class. and that's the idea at the core of the plan that i talked about on the campaign trail over the last year, rewarding manufacturers and small businesses that create jobs here, not overseas, providing more americans the chance to earn skills that businesses are looking for right now. keeping this country at the forefront of research, technology, and clean energy, putting people back to work rebuilding roads, bridges and schools and reducing our deficit in a balanced and responsible way. on this last item, we face a very clear deadline. that requires us to make some big decisions on jobs, taxes, and deficits by the end of the year. both parties voted to set this deadline. and i believe that both parties can work together to make these decisions in a balanced and responsible way. to meet with labor and civic leader
contribute a little bit to helping our economy, and the majority of the people who are fortunate and made a lot of money, they're willing to do this. democrats, independents and republican support the direction of the president regarding this fiscal cliff issue. thanks, everybody. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2012] >> you just heard senate democrats speak about elections. the republicans will talk about their own election. main senator-elected angus king saying he'd caucus with the democrats. here's what he had to say. -- maine senator-elect angus king saying he'd caucus with the democrats. here's what he had to say. >> good morning. all set. today i'm announcing my decision as to which party, if any, i'll associate myself in my work here in the u.s. senate. before doing so, however, i'd like to outline my thinking on this issue and set out the principles that have guided my decision. in answering this, who will you caucus with question, repeatedly during the campaign -- and i emphasize the word repeatedly -- i
term. there are parallels to reagan and clinton who had first terms and successful economies for the second terms. that emboldened them to be braver than they might have been. are you hoping you are going to get the kind of economic security if not prosperity in this term that will allow you to do, perhaps, the things that barack obama when he sailed in on hope and change hoped he could do? >> well, piers, i do believe the economy is improving. but i want to challenge a bit of your premise, one of the reasons the economy is improving is because this president was brave. it was brave to intervene and save the auto industry, which was not a popular decision at the time. it was brave to move forward on the recovery act. which again was not popular at the time. without that, we would have slid into a second great depression. it was brave to stand up the financial industry when it was on collapse. even though that was an unpopular thing to do. because he understand that we needed to move the economy forward. and now we are reaping the benefits of that bravery and good decisions be
on the economy could be catastrophic. president obama delivers a big economic speech in about eight hours, and he wants tax cuts for the wealthy to extire. house speaker john boehner drawing this line in the sand. >> raising tax rates is unacceptable. and, frankly, it couldn't even pass the house. i'm not sure it can pass the senate. >> white house correspondent brianna keilar is live from washington, d.c. for us this morning. brianna, speaker boehner seemed to be offering the president on olive branch earlier this week when he talked about the possibility of increasing revenue. but here he's taking a hard stance against tax increases. what does that say about the chances of a compromise? >> well, it may actually sound kind of like it's splitting hairs. but it's really two different things where he's talking about increasing tax rates. he says he's not okay with that. but he would be maybe okay, maybe amenable to increasing revenue. to bringing in more tax dollars, because there is a difference. and what he's saying is part of a chorus of conciliatory language that we're hearing from democrats an
. the first numbers are out now on how sandy is already taking a bite out of the economy. >>> and, we move to real estate. how real is the recovery? ben bernanke set to speak about housing and mortgages in just a few minutes and what he says could move the markets. >>> but first, let's head out to chicago where sue can be found at a major investor summit in the windy city. sue? >> indeed, i am in the beautiful windy city, ty. this is the schwab impact conference. welcome to the biggest convention center in the united states and it is chock-full with some of the top investment advisors out there. we're going to be talking to a number of them. we have a terrific hour planned here from chicago. we're going to talk to the five-star rated portfolio fund manager of the permanent portfolio fund, michael kuggino. he has $17 billion under management. we'll find out how he sleeps at night in this volatile market. >>> plus, liz ann sonders, schwab's chief investment strategist is with us. she's fired up about the fiscal cliff. she says congress has to rise above -- she's wearing one of our pins, ty a
sector is still on a capital strike. if barack obama wants strong growth in the u.s. economy, he's going to have to extend his hand to the private interests that he vilified so much of the last two years to get reelected. dagen: more spending temecula of the federal reserve sitting ready and waiting make in our money and spend it. >> federal spending for the last 25 years has been to a percentage gdp. brock obama wanted to be for 23 percent of about 24%. the only way you can afford to do that if he extracts revenue out of the private sector. there is a real dilemma at the center of what he wants to do, and that is why i think we will be looking at gridlock for a little while. connell: okay. dagen: as always, be well. connell: we talked about the dow today being down a little bit, but nothing like yesterday. traders are calling it an obama sell-off, but the thing is, the polls consistently showing the president and the lead going into the election. why wasn't all that price did? brian jacobson. what do you think? >> i think it was partially priced in. it was basically a dead heat going in
the economy is basically stalled. just seems crazy to me. >> well, at some point, everyone says in washington that we need to do something about our deficit and here's a good place to start. if you need to actually ing in some revenue, the best place to do it is where it will do the least harm and that is on tax cuts for the wealthy. that is something that is really una sailable. if we were in conditions if we didn't have deficit issues, of course we wouldn't have needs to raise taxes on anyone. we have competing priorities and need to find a way to start paying for them. melissa: i think we don't have a revenue problem. we have a spending problem. we're like drunken sailors. we have a credit card and think we can run it up forever. we just can't. >> that also has consequence as everyone knows with the looming so-called fiscal cliff discussion, if you cut spending too much you drive the economy into an abyss. we would all like to say we simply cut spending and live within our means but it is not as simple as that. you can also cut spending too much so you actually hurt the economy that you're
impact. >> definitely. year over year, oil demand is up. we've had very weak economy in europe. not much growth in the united states. but i think that's the trend we'll be playing out for the next few years. >> oil 110 at the moment. is that a fair price? >> there's premium built in because of geopolitical risks. i think premium is probably justifiable. you look at wti at $23 discount to where breptd is. that's not sustainable in the long time, but given inventory levels, that will stay. >> do you keep your trade on oil? >> we have neutral position, but we're short the front month. respe respect. we make money by rolling the contracts the other way around. we're long oil in the 12 months forward rolling in to the 13th month and we end up with little more oil with that strategy. so more of a curve play. >> all right. patrick, you're with us for the first half hour. also we'll be out to new york for a check of the retail sector in the wake of super storm sandy. some department stores are getting ready to report third quarter numbers. >> we're also live in italy ahead of the three biggest b
in the broader economy. those comments live in just a few minutes. lori: interesting. the remarks coming after they come off of the weakest decline in a year. the markets near session highs, but will the market like what they hear? melissa: plus, what will the next four years mean for the oil and gas industry? the ceo will join us coming up. but it is time for stocks as we do every 15 minutes let's head to the floor of the new york stock exchange. stocks are climbing higher after the two-day drop. sandra: they did not start out that way, there was fear we would have another dramatic selloff today. now we are somewhat up from about 61 points. that is not exactly a rally. bouncing back a little bit ahead of the weekend, but still the worst two-day drop in a year, 434 points loss over that wednesday and thursday. as we face a fiscal cliff, consumer sentiment one piece of economic data that came out today better than expected in november hitting a five-year high, getting a little bit of a boost in the stock market. wholesale inventories 1.1% in september, above expectations, that is adding a bit t
lines for these tax cuts that would cause damage to the economy if they're not dealt with. extending those tax cuts for 98% of the american people would deal with more than half in dollar terms of the impact caused by the fiscal cliff. there are other challenges we need to address including the sequester but congress ought to, the house ought to pass those tax cuts right away because it would send a tremendous positive signal to the american people that in the wake of this election, we can at the very least, come together and convert into law a bill that everyone agrees should become law, republicans and democrats alike, the president included. and we will then continue to work on those issues where we have broader disagreement. and that's where the president has invited leaders of congress to the white house next week. that's why he will be meeting with business leaders and labor leaders and others to get their ideas about how to move forward. he does have his own very specific plan that reduces the deficit by $4 trillion, that does it in a balanced bay and we can invest in research
that are now griffin to various parts of -- given to various parts of our economy, for example, the oil and gas industry, and shift those tax breaks around so we would fund infrastructure project. in fact, that's what the president proposed to do. before i go further into how we might use the effort to build infrastructure, i want to just say that that infrastructure program is going to be absolutely essential to rebuild an extraordinarily important part of this nation. that is the east coast. new jersey, new york, connecticut and some parts of pennsylvania were devastated. there is going to be a multi-billion dollar rebuilding program necessary just to go back to where those parts of this country were before the storm hit. much more will be needed to protect those parts of this country from future storms that are certain to occur. i'll let it go at that. sigh my colleague from new york -- i see my colleague from new york city has arrived here and i'd like her to pick this issue up and talk about the devastation that occurred in her communities and then we can come back to the infrastructure .
to tackle the fiscal cliff, an economic mandate that could throw the economy into a tail spin unless democrats and republicans stop it all. house speaker john boehner wants a deal on spending cuts. president obama says that is not enough. >> if we're serious about reducing the deficit we have to combine cuts with revenue. >> joining us is jonathan strong. even if tax rates went up on the wealthiest households earning more than $250,000 a year the president, as the president demands, this would actually do almost nothing to reduce the deficit. i look at the joint tax committee report of conscious saying it would reduce the deficit only by 7%. that is 7% out of $1.1 trillion. in many ways is the president's solution more of an illusion? >> he is trying to sell this as a matter of fairness. he seems to be making progress politically on that front. you have a good point. another good question, there isn't any theory this would help the economy. the estimates are it would hurt this the economy. is now the right time for that? people are still hurting out there. >> gregg: the president is
the only democratic candidate running on a record of a weak economy and debt crisis that we face and still win. yet, he did. they did very many things that were right. you can point to a couple of things with mitt romney. he may not have been the perfect candidate for 2012 given his corporate turnaround background, secondly, he did not get something republicans have counted on and that is the white working-class voters. in states like ohio, the ads attacking mayor romney as a corporate raider and buccaneer that went on for many months put on by the obama campaign seemed to work. the white working-class vote did not turn out for mitt romney in the numbers he needed. host: you had a piece yesterday, "the survivor in chief." you know to that they expose the myth of the enthusiastic democratic voter. guest: it was a myth i subscribe to for a while. i am sure you read about this over and over again. the democratic voters were dispirited and they were not feeling enthusiastic about the campaign. it was the conservatives and republicans fired up and getting ready to go. the notion was, he would h
is the wrong prescription given where our economy is. >> is it on the table to talk about -- >> i made clear yesterday that raising tax rates is unacceptable. and, frankly, it couldn't even pass the house. >> at issue here, a perfect economic storm that could have serious consequences. nbc's andrea mitchell breaks it down for you. >> reporter: the campaign was tough. victory is sweet. now comes the hard part. >> on january 21st, 2013, there's going to be a massive fiscal cliff of large spending cuts and tax increases. >> reporter: so what exactly is the fiscal cliff? it's a nightmare combination of tax hikes and spending cuts that congress and the president agreed to to force themselves into a compromise, but so far they haven't agreed on anything. so barring a last-minute fix at the stroke of midnight on new year's eve the bush tax cuts expire, the alternative minimum tax kicks in, more than half of all married couples with two children would owe and additional $4,000 in taxes a year. for those with three or more children that jumps to $4700. on top of that, the 2011 temporary payroll tax c
are going to spend all this money then yes. taxes are less damaging to the economy than the deficits that replace them but the real problem is spending. the reason taxes have to go up is the government is spending so much money so if your taxes go up in your upset then stop voting -- [talking over each other] dagen: so much spending is built in to our future. medicare for example is 13.5% of government spending as it is. are we destined for much higher taxes? forget high tax rates close to 40%, let's start talking about 60% because we are never going to cut the government spending because we have become addicted to it. >> we are going to pay the tax one way or another either legitimately or we are going to pay through inflation because they're not going to and the integrity to raise taxes, they will crank up the printing presses and take our purchasing power, not our money so prices will go through the roof and the increase in the price of everything you have to buy will be another tax in disguise. we need to cut medicare and social security, not in the future, we need to cut the che
the east room at 1:00 p.m. eastern on the economy. that issue of the economy directly touches on the dysfunction in washington that americans said they hate. they went to bed election night hoping to fix that. speed really matters here. in just seven weeks the bush tax cuts expire, automatic spending cuts agreed to by both parties kick in. we call it the fiscal cliff and even though it's more like the fiscal steep slope it could do some very bad things to the economy. concerns about rolling down it or falling off it or whatever you want to call it have made markets nervous and credit rating agencies and economists of all stripes are warning about the consequences of not hammering out a deal in time. politicians in both parties, they've been sending out mixed signals ever since the election. on the one hand they're talking about common ground. take a look. >> we want our children to live in america that isn't burdened by debt. that isn't threatened by a warming planet. >> the nation as you know is at a critical point. at a time like this, we can't risk partisan bickering and po
common ground. >> well, clearly the deficit is a drag in our economy and we can't continue to spend money that we don't have. i don't want p to box myself in. i don't want to box anybody else in. i think it's important for us to come to an agreement with the president but this is his opportunity to lead. >> i want to be clear, i'm not we hadd wedded to every detail of my plan. i'm open to compromise. i'm open to new ideas. i'm committed to solving our fiscal challenges. but i refuse to accept any approach that isn't balanced. >> joining us now is a man who knows all about bipartisanship and compromise. former senator george mitchell is joining us. you were majority leader from 1989 to '95 during a time when senators and house members were actually friends. and i mean those on opposite sides of the party. so do you think the president and the house speaker's words this go around really will lead to some compromise or has a new page been turned here? are you encouraged? >> i'm hopeful about it. the day i was elected majority leader, the first person i called was bob dole, a republican leade
? >> that's right. the fiscal cliff could cause the economy to shrink and destroyed hundreds of thousands of jobs. the question is, can the lame- duck congress prevent that from happening? the terms fiscal cliff is not a household word yet, but give it a few days. it could mean another recession and a jump in the unemployment rate. >> this is an opportunity for the president to lead. >> the president will address attempt to cut the federal deficit by half a billion dollars by next fall. >> according to ernst and young raising the top rates would destroy nearly 700,000 jobs in our country. >> with no bipartisan agreement, laws that to change could mean an end to tax breaks for business. democrats will not raise taxes on -- >> i have a spouse who is underemployed. i have one that will be graduating in may. it is people who are trying to find jobs i would be more concerned about. >> not to mention the new debt ceiling deal is said to cut hundreds of government programs including the defense budget and medicare. >> we need to try to get some stuff done. >> the gross domestic product would gr
something. look at the jobless numbers that came out today. looking at the economy, things are not recovering as fast as people would like. looking at europe. the stock market dropped. in recent days everybody knows there's a real urgency to avoiding the fiscal cliff and doing something. i don't think the solution will necessarily be raising taxes on the top brackets. it seems like the loopholes are going to play a big role. capital gains, things like that. there may be an issue where they really go toe-to-toe on the tax rates and maybe there's wiggle room in the other areas. definitely an urgency to resolve this and set up the idea of overall tax reform in the coming years. >> standby, if you could. i want to bring in sheila jackson lee. so we were just talking about that with susan. would you be comfortable with the fiscal cliff that kept the rates the same but limited their deductions. >> you know, my main focus would be to ensure that the middle class are restored. in order to do that we cannot allow the bush tax cuts to continue. we must focus on saving medicare and so
drawing lines that they say they will not cross. the major hurdles, that threat to send the economy into a tailspin, that's coming up next. >>> plus a nascar race turning into a full-scale brawl. look at this. mayhem breaking out of the everybody going at it. we'll tell you what set it off. after this. ve lately. but because of business people like you, things are beginning to get rolling. and regions is here to help. making it easier with the expertise and service to keep those wheels turning. from business loans to cash management, we want to be your partner moving forward. so switch to regions. and let's get going. together. jenna: well come back, everyone. now let's return to the economy. the president and house speaker john boehner are suggesting they are willing to compromise to prevent our economy from going over that so-called fiscal cliff but both sides are digging in their heels whether or not to race tax rates for the wealthy. rich edson of the fox business network watching this all for us in washington. democrats got the white house, they got the senate. how are they beg
power outages, more destruction. this will hurt the whole nation's economy. "varney and company" about to begin. rs day of work. and his new boss ld him twongs -- cook what you love, and save your money. joe doesn't know it yet, but he'll wk his way up from busseto waiter to chef before opening a restaurant specializing in fish and me from the great northwest. he'll start investing early, he'll find some good people to help guide him, nd he'll set money aside from his first day of work to his last, which isn't rocket science. it's just common sense. from ameritrade. stuart: two days after the election the fighting is starting on capitol hill. all about the fiscal cliff, the national debt and taxing the rich. no matter which way you look at it a tax increase looks almost certain and soon. here is senator harry reid. >> people making all this money have to contribute a little bit more. all the polling we have done, the vast majority of the american people support that, including rich people. stuart: the president and harry reid have more clout after the election and they are pushing tax
believe this will hurt the economy. by the way, you heard speaker boehner make that same statement earlier. melissa: what was your impression, i mean, i'm talking with him one-on-one? >> one of the things i get annoyed at is the idea that somehow the spending cuts, the automatic spending cuts will hurt the economy. i do not believe that. melissa: why? why do you not believe that? >> i do not think so. wall street has tumbled so much in the last week and that does not have anything to do with the spending cuts. we knew they were coming from the last year. melissa: it has to do with raising taxes. if you cut spending all of a sudden, how would that not hurt the economy? >> i went to the last five or six times in the last 100 years but we actually cut spending, it does not happen very often, as you know, melissa, and washington. if you cut spending, you make more money available to the private sector. by the way, the attitude that cutting private spending will hurt the economy, increasing government spending would reduce unemployment. that did not work out so well. i think those are two entir
of the fiscal cliff and raising taxes on the top two rates would cost the economy more than 700,000 jobs. >> rorter: so republicans are hoping for new revenues but not from increased tax rates. remember, jenna, back in 2010, when the economy was growing at 2.3%, president obama extended all the bush tax cuts saying the economy was too weak to digest a tax increase. now it is growing at 2% but mr. obama is forging ahead anyway. jenna. jenna: it will be interesting to watch. jim, thank you. >> reporter: yes, ma'am. jon:. >> mr. president, this is your moment. we're ready to be led not as democrats or republicans but as americans. we want you to lead, not as a liberal or a conservative, but as president of the united states of america. we want you to succeed. let's challenge ourselves to find the common ground that has eluded us. let's rise above the dysfunction and do the right thing together for our country. >> it's better to dance than to fight. it is better to work together. everything doesn't have to be a fight. everything doesn't have to be a fight. that is the way it has been the las
the east room on the economy. that touches on the dysfunction in washington that americans say they hate. many think they went to bed to fix that. keeping them honest, not so fast. in seven weeks, the bush tax cuts expire, automatic spending cuts kick in. it's being called a fiscal cliff and even though it's more like the fiscal steep slope, heading down it it could do bad things to the economy. rolling down it, falling off it, have made markets nervous and credit rating agencies and economists of all stripes are warning about the consequences of not harming out a deal in time. politicians have been sending out mixed signals since the election. on the one hand, they are talking about common ground. take a look. >> we want our children to live in an america that isn't burdened by debt, isn't weakened by inequality. that isn't threatened by the disruptive power of a warming planet. >> the nation as you know is at a critical point. at a time like this, we can't risk partisan bickering and political posturing. >> if there is a mandate in yesterday's results, it's a mandate for to us find a w
, and the economy. without it, things simply can't exist. woman: we have good health in this country, in part, because we have clean water. and we shouldn't forget that, and we shouldn't take it for granted. melosi: in the late 19th century, serious waterborne disease epidemics were having devastating effects. roy: but then, in the early 1900s, we began to treat our water. and since then, we've seen a rapid decline in the incidence of waterborne disease. narrator: most cities treat drinking water through filtration, chlorination, and sometimes ozonation to kill pathogens in the source supply. these are complex treatment plants that cost millions of dollars to operate, but are necessary for our wellbeing. the treatment of drinking water has been called one of the greatest public health achievements of the last century. the water infrastructure itself protects the treated water until it comes out of our taps. it's been since 1911, since we had an outbreak of cholera or typhoid in the united states. but that doesn't mean that it can't happen. it can happen. if we aren't on our guard all the time
the action was inevitable there has been no news on the economy or the possibility of a deal to avoid the fiscal cliff. the cliff could cause the u.s. economy $800 billion and 3 million jobs. sends the u.s. back into recession. >> many people are worried about what this means for the country including the wealthy. >> the rich are selling essentially. we are seeing portfolio rebalancing for the wealthy willing to cut their tax bill in 2013. that's when capital gains taxes may go from 15 percent to 25 percent and dividend taxes may just the stock market being affected by the wealthy folks lacking to cut their tax liability. next year the estate fabtax is to rise 15 percent on estates worth more than $1 million. owners of big homes looking to sell sooner rather than later. a lot of people looking to get out. >> owners of cars affected by hurricane sandy or storm sandy when it hit the northeast. many people lost their cars. oo about 250,000. used car prices are going up as much as 1,000 dollars. drivers are looking to replace the used car or their car in general and they went to dealershi
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